MasterCard Worldwide announced today the launch of a global research and development unit that will try to accelerate development of contactless, mobile and Internet payment products for the world’s No. 2 payment-card network.
The new unit, MasterCard Labs, will be headed by former Orbiscom chief executive Garry Lyons, who begins work at the end of the month. MasterCard purchased Orbiscom in December 2008 and uses its platform as the basis for the MasterCard inControl system, which offers transaction alerts and spending controls to consumers on their mobile phones and other devices.
The new R&D unit is intended to help MasterCard experiment with new innovations or enhancements to existing technologies, such as its PayPass contactless application and the MoneySend mobile and Web funds-transfer service, along with its new e-commerce discount program in association with U.S.-based startup Next Jump, said Ajay Banga, MasterCard’s president and chief operating officer. Banga will take over as MasterCard CEO in July.